Netflix shares are up over 7% in after-hours trading in reaction to the company's latest earnings report.

The biggest news is that Netflix plans to raise the price of a subscription for any new streaming customers by $1-$2. Existing customers will be able to keep paying $7.99 per month.

The price raise won't happen for a little bit. Netflix doesn't say when it will happen.

This is a pretty smart idea since it encourages current customers to stay on Netflix, while also grabbing more money from new customers. It also nudges people to sign up for Netflix now before it's too late.

In terms of Netflix's performance for the first quarter, things are pretty much in-line:

Revenue is $1.27 billion versus $1.27 billion expected.

EPS is $0.86 versus $0.83 expected.

U.S. subscribers are 35.7 million, which is right in line with its forecast last quarter, but might be below some expectations.

Q2 EPS guidance is $1.12 versus $1.00 expected.

Total subscribers is 48.35 million, with Netflix forecasting 49.81 million for next quarter.